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Agora, Inc. Reports Second Quarter 2022 Financial Results

·21-min read
Agora, Inc.
Agora, Inc.

SANTA CLARA, Calif., Aug. 15, 2022 (GLOBE NEWSWIRE) -- Agora, Inc. (NASDAQ: API) (“Agora”), a pioneer and leading platform for real-time engagement APIs, today announced its unaudited financial results for the second quarter ended June 30, 2022.

"We delivered strong operational results this quarter as our top line returned to a quarter-over-quarter growth trajectory," said Tony Zhao, founder, chairman and CEO of Agora. "In particular, we see immense and increasing demand for our real-time engagement platform in the US and international markets, where our dollar-based net expansion rate has consistently exceeded 130%. With the recent streamlining of our organizational structure and promotion of key executives, we are well positioned to enhance our go-to-market efficiency and expand our platform globally."

Second Quarter 2022 Highlights

  • Total revenues for the quarter were $41.0 million, a decrease of 3.2% from $42.3 million in the second quarter of 2021.

  • Active Customers as of June 30, 2022 were 2,877, excluding those for Easemob, an increase of 17.5% from 2,449 as of June 30, 2021.

  • Constant Currency Dollar-Based Net Expansion Rate (DBNER), excluding Easemob, was 95% for the trailing 12-month period ended June 30, 2022. Specifically, DNBER was above 130% for the US and International business, and approximately 80% for the China business.

  • Net loss for the quarter was $30.7 million, compared to net loss of $15.4 million in the second quarter of 2021. After excluding share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets and income tax related to acquired intangible assets, non-GAAP net loss for the quarter was $20.8 million, compared to non-GAAP net loss of $5.8 million in the second quarter of 2021. Adjusted EBITDA for the quarter was negative $15.3 million, compared to negative $7.3 million in the second quarter of 2021.

  • Total cash, cash equivalents and short-term investments as of June 30, 2022 was $641.2 million.

  • Net cash used in operating activities for the quarter was $23.8 million, compared to $8.3 million in the second quarter of 2021. Free cash flow for the quarter was negative $24.2 million, compared to negative $11.5 million in the second quarter of 2021.

Second Quarter 2022 Financial Results

Revenues
Total revenues were $41.0 million in the second quarter of 2022, a decrease of 3.2% from $42.3 million in the same period last year, primarily due to the decreased usage in the K-12 academic tutoring sector in China as a result of the implementation of the new online education regulation, which was offset in part by our global business expansion and usage growth in other sectors and regions.

Cost of Revenues
Cost of revenues was $14.4 million in the second quarter of 2022, a decrease of 12.8% from $16.5 million in the same period last year, primarily due to the decrease in bandwidth and co-location costs.

Gross Profit and Gross Margin
Gross profit was $26.6 million in the second quarter of 2022, an increase of 2.9% from $25.9 million in the same period last year. Gross margin was 64.9% in the second quarter of 2022, an increase of 3.8% from 61.1% in the same period last year, primarily due to the implementation of technical and infrastructural optimizations.

Operating Expenses
Operating expenses were $54.5 million in the second quarter of 2022, an increase of 20.4% from $45.3 million in the same period last year.

  • Research and development expenses were $32.4 million in the second quarter of 2022, an increase of 20.1% from $27.0 million in the same period last year, primarily due to increased personnel costs as we continue to build our research and development team.

  • Sales and marketing expenses were $13.1million in the second quarter of 2022, an increase of 19.1% from $11.0 million in the same period last year, primarily due to increased personnel costs as we continue to build our sales and marketing team, including an increase in share-based compensation from $1.3 million in the second quarter of 2021 to $1.9 million in the second quarter of 2022, as well as higher advertising expenses compared to the same period last year.

  • General and administrative expenses were $9.0 million in the second quarter of 2022, an increase of 23.1% from $7.3 million in the same period last year, primarily due to increased personnel costs as we continue to build our team, including an increase in share-based compensation from $1.6 million in the second quarter of 2021 to $2.0 million in the second quarter of 2022, as well as an increase in expected credit loss from $0.9 million in the second quarter of 2021 to $1.6 million in the second quarter of 2022.

Other Operating Income
Other operating income was $0.2 million in the second quarter of 2022, compared to $0.3 million in the same period last year, primarily due to less VAT related deductions.

Loss from Operations
Loss from operations was $27.7 million in the second quarter of 2022, compared to $19.1 million in the same period last year.

Exchange (Loss) Gain
Exchange loss was $5.3 million in the second quarter of 2022, compared to exchange gain of $0.7 million in the same period last year, mainly due to the appreciation of the U.S. dollar against the Renminbi and an increase in the balance of Renminbi-dominated cash and short-term investments held by the subsidiaries in Hong Kong (whose functional currency is the U.S. dollar) in anticipation of funding Renminbi to subsidiaries in mainland China.

Interest Income
Interest income was $2.1 million in the second quarter of 2022, flat compared to the same period last year.

Net Loss
Net loss was $30.7 million in the second quarter of 2022, compared to $15.4 million in the same period last year.

Net Loss per American Depositary Share attributable to ordinary shareholders
Net loss per American Depositary Share (“ADS”)1 attributable to ordinary shareholders was $0.27 in the second quarter of 2022, compared to $0.14 in the same period last year.

_________________________________

1 One ADS represents four Class A ordinary shares.

Share Repurchase Program

During the quarter ended June 30, 2022, we repurchased approximately 6.3 million of our class A ordinary shares (equivalent to approximately 1.6 million ADSs) for approximately US$11.7 million under our share repurchase program, representing 6% of our US$200 million share repurchase program. During the six months ended June 30, 2022, we repurchased approximately 9.7 million of our class A ordinary shares (equivalent to approximately 2.4 million ADSs) for approximately US$19.8 million under our share repurchase program, representing 10% of our US$200 million share repurchase program. As of June 30, 2022, we had approximately 463.6 million ordinary shares (equivalent to approximately 115.9 million ADSs) issued and outstanding. Our current share repurchase program will expire by the end of February 2023.

Financial Outlook

Based on currently available information, Agora maintains the previous guidance that total revenues for the fiscal year ending December 31, 2022 are estimated to be between $176 million and $178 million. This outlook reflects Agora’s current and preliminary views on the market and operational conditions, and the outlook ranges for the year ending December 31, 2022 reflect various assumptions that are subject to change based on uncertainties, including but not limited to the impact of the COVID-19 pandemic.

Earnings Call

Agora will host a conference call to discuss the financial results at 6 p.m. Pacific Time / 9:00 p.m. Eastern Time on August 15, 2022. Details for the conference call are as follows:
Event title: Agora, Inc. 2Q 2022 Financial Results
The call will be available at https://edge.media-server.com/mmc/p/k3cju2u3
Investors who want to hear the call should log on at least 15 minutes prior to the broadcast. Participants may register for the call with the link below:
https://register.vevent.com/register/BIf7de89410642479ba03f3176a9054e82
Please visit Agora’s investor relations website at https://investor.agora.io/investor-relations on August 15, 2022 to view the earnings release and accompanying slides prior to the conference call.

Use of Non-GAAP Financial Measures

Agora has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Agora uses these non-GAAP financial measures internally in analyzing its financial results and believes that the use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Agora’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Besides free cash flow (as defined below), each of these non-GAAP financial measures represents the corresponding GAAP financial measure before share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets and income tax related to acquired intangible assets. Agora believes that such non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effects of such share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets and income tax related to acquired intangible assets that it includes in its cost of revenues, total operating expenses and net income (loss). Agora believes that all such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Agora’s consolidated financial statements prepared in accordance with GAAP. A reconciliation of Agora’s historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the tables captioned “Reconciliation of GAAP to Non-GAAP Measures” included at the end of this press release, and investors are encouraged to review the reconciliation.

Definitions of Agora’s non-GAAP financial measures included in this press release are presented below.

Non-GAAP Net Income (Loss)

Agora defines non-GAAP net income (loss) as net income (loss) adjusted to exclude share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets and income tax related to acquired intangible assets.

Adjusted EBITDA

Agora defines Adjusted EBITDA as net income (loss) before exchange gain (loss), interest income, investment income (loss), other income, equity in income of affiliates, income taxes, depreciation of property and equipment, and adjusted to exclude the effects of share-based compensation expenses, acquisition related expenses and amortization expenses of acquired intangible assets.

Free Cash Flow

Agora defines free cash flow as net cash provided by operating activities less purchases of property and equipment. Agora considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business.

Operating Metrics

Agora also uses other operating metrics included in this press release and defined below to assess the performance of its business.

Active Customers

Agora defines an active customer at the end of any particular period as an organization or individual developer from which Agora generated more than $100 of revenue during the preceding 12 months. Agora counts customers based on unique customer account identifiers. Generally, one software application uses the same customer account identifier throughout its life cycle while one account may be used for multiple applications.

Constant Currency Dollar-Based Net Expansion Rate

Agora calculates Dollar-Based Net Expansion Rate for a trailing 12-month period by first identifying all customers in the prior 12-month period, and then calculating the quotient from dividing the revenue generated from such customers in the trailing 12-month period by the revenue generated from the same group of customers in the prior 12-month period. Constant Currency Dollar-Based Net Expansion Rate is calculated the same way as Dollar-Based Net Expansion Rate but using fixed exchange rates based on the daily average exchange rates prevailing during the prior 12-month period to remove the impact of foreign currency translations. Agora believes Constant Currency Dollar-Based Net Expansion Rate facilitates operating performance comparisons on a period-to-period basis as Agora does not consider the impact of foreign currency fluctuations to be indicative of its core operating performance.

Safe Harbor Statements

This press release contains ‘‘forward-looking statements’’ within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding Agora’s financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” and similar expressions intended to identify forward-looking statements. Among other things, the Financial Outlook in this announcement contain forward-looking statements. These forward-looking statements are based on Agora’s current expectations and involve risks and uncertainties. Agora’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to the growth of the RTE-PaaS market; Agora’s ability to manage its growth and expand its operations; the continued impact of the COVID-19 pandemic on global markets and Agora’s business, operations and customers; Agora’s ability to attract new developers and convert them into customers; Agora’s ability to retain existing customers and expand their usage of Agora’s platform and products; Agora’s ability to drive popularity of existing use cases and enable new use cases, including through quality enhancements and introduction of new products, features and functionalities; Agora’s fluctuating operating results; competition; the effect of broader technological and market trends on Agora’s business and prospects; general economic conditions and their impact on customer and end-user demand; and other risks and uncertainties included elsewhere in our filings with the Securities and Exchange Commission, including, without limitation, the final prospectus related to the IPO filed with the SEC on June 26, 2020. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Agora undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

About Agora

Agora’s mission is to make real-time engagement ubiquitous, allowing everyone to interact with anyone, in any app, anytime and anywhere. Agora’s cloud platform provides developers simple, flexible and powerful application programming interfaces, or APIs, to embed real-time video, voice and chat experiences into their applications. Agora maintains dual headquarters in Shanghai, China and Santa Clara, California.

For more information, please visit: www.agora.io.

Investor Contact:
Fionna Chen
investor@agora.io

Media Contact:
Suzanne Nguyen
press@agora.io


Agora, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in US$ thousands)

 

As of

 

As of

 

June 30,

 

December 31,

 

2022

 

2021

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

150,849

 

 

285,668

 

Short-term investments

490,314

 

 

469,636

 

Accounts receivable, net

35,328

 

 

32,619

 

Prepayments and other current assets

41,769

 

 

8,801

 

Contract assets

1,357

 

 

962

 

Total current assets

719,617

 

 

797,686

 

Property and equipment, net

15,428

 

 

19,194

 

Operating lease right-of-use assets

5,191

 

 

7,436

 

Intangible assets

5,532

 

 

6,697

 

Goodwill

56,142

 

 

56,142

 

Long-term investments

70,857

 

 

53,925

 

Other non-current assets

4,953

 

 

3,919

 

Total assets

877,720

 

 

944,999

 

 

 

 

 

Liabilities and shareholders' equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

7,099

 

 

5,309

 

Advances from customers

8,773

 

 

9,068

 

Taxes payable

1,528

 

 

2,435

 

Current operating lease liabilities

3,728

 

 

3,957

 

Accrued expenses and other current liabilities

51,990

 

 

53,034

 

Total current liabilities

73,118

 

 

73,803

 

Long-term payable

517

 

 

495

 

Long-term operating lease liabilities

1,475

 

 

3,452

 

Deferred tax liabilities

819

 

 

988

 

Total liabilities

75,929

 

 

78,738

 

 

 

 

 

Shareholders' equity:

 

 

 

Class A ordinary shares

38

 

 

37

 

Class B ordinary shares

8

 

 

8

 

Additional paid-in-capital

1,114,635

 

 

1,099,369

 

Treasury shares, at cost

(19,760

)

 

-

 

Accumulated other comprehensive income

792

 

 

3,149

 

Accumulated deficit

(293,922

)

 

(236,302

)

Total shareholders' equity

801,791

 

 

866,261

 

Total liabilities and shareholders’ equity

877,720

 

 

944,999

 


Agora, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited, in US$ thousands, except share and per ADS amounts)

 

Three Month Ended

 

Six Month Ended

 

June 30,

 

June 30,

 

2022

2021

 

2022

2021

Real-time engagement service revenues

39,203

 

40,357

 

 

76,260

 

79,844

 

Other revenues

1,776

 

1,976

 

 

3,304

 

2,714

 

Total revenues

40,979

 

42,333

 

 

79,564

 

82,558

 

Cost of revenues

14,370

 

16,474

 

 

28,881

 

33,327

 

Gross profit

26,609

 

25,859

 

 

50,683

 

49,231

 

Operating expenses:

 

 

 

 

 

Research and development

32,442

 

27,003

 

 

63,476

 

52,219

 

Sales and marketing

13,117

 

11,009

 

 

26,973

 

19,744

 

General and administrative

8,952

 

7,271

 

 

18,182

 

12,992

 

Total operating expenses

54,511

 

45,283

 

 

108,631

 

84,955

 

Other operating income

190

 

342

 

 

1,228

 

630

 

Loss from operations

(27,712

)

(19,082

)

 

(56,720

)

(35,094

)

Exchange (loss) gain

(5,297

)

676

 

 

(5,031

)

(19

)

Interest income

2,142

 

2,090

 

 

3,978

 

4,126

 

Investment (loss) income

(88

)

1,347

 

 

(88

)

1,348

 

Loss before income taxes

(30,955

)

(14,969

)

 

(57,861

)

(29,639

)

Income taxes

(255

)

(425

)

 

(252

)

(446

)

Equity in income of affiliates

532

 

-

 

 

491

 

-

 

Net loss

(30,678

)

(15,394

)

 

(57,622

)

(30,085

)

Net loss attributable to ordinary shareholders

(30,678

)

(15,394

)

 

(57,622

)

(30,085

)

Other comprehensive loss:

 

 

 

 

 

Foreign currency translation adjustments

(1,832

)

513

 

 

(1,830

)

389

 

Unrealized (loss) gain on available-for-sale debt securities

(429

)

87

 

 

(526

)

87

 

Total comprehensive loss attributable to ordinary shareholders

(32,939

)

(14,794

)

 

(59,978

)

(29,609

)

 

 

 

 

 

 

Net loss per ADS attributable to ordinary shareholders, basic and diluted

(0.27

)

(0.14

)

 

(0.51

)

(0.28

)

 

 

 

 

 

 

Weighted-average shares outstanding used in computing net loss per ADS attributable to ordinary shareholders, basic and diluted

446,614,083

 

441,449,908

 

 

448,823,787

 

436,570,420

 

 

 

 

 

 

 

Share-based compensation expenses included in:

 

 

 

 

 

Cost of revenues

349

 

171

 

 

595

 

304

 

Research and development expenses

4,839

 

5,420

 

 

10,192

 

9,180

 

Sales and marketing expenses

1,859

 

1,321

 

 

3,806

 

2,277

 

General and administrative expenses

1,986

 

1,612

 

 

3,821

 

2,838

 


Agora, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in US$ thousands)

 

Three Month Ended

 

Six Month Ended

 

June 30,

 

June 30,

 

2022

2021

 

2022

2021

Cash flows from operating activities:

 

 

 

 

 

Net loss

(30,678

)

(15,394

)

 

(57,622

)

(30,085

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

Share-based compensation expense

9,033

 

8,524

 

 

18,414

 

14,599

 

Allowance for current expected credit losses

1,637

 

750

 

 

2,909

 

1,273

 

Depreciation of property and equipment

2,424

 

2,084

 

 

4,897

 

3,983

 

Amortization of intangible assets

577

 

574

 

 

1,156

 

781

 

Deferred tax expense

(84

)

(84

)

 

(168

)

(114

)

Amortization of right-of-use asset and interest on lease liabilities

1,034

 

947

 

 

2,111

 

1,742

 

Change in the fair value of investments

(80

)

(1,230

)

 

(115

)

(1,280

)

Interest income on available-for-sale debt securities

(100

)

(93

)

 

(199

)

(93

)

Equity in income of affiliates

(532

)

-

 

 

(491

)

-

 

Changes in assets and liabilities, net of effect of acquisition:

 

 

 

 

 

Accounts receivable

(8,247

)

853

 

 

(6,700

)

(6,103

)

Contract assets

(104

)

(48

)

 

(464

)

(176

)

Prepayments and other current assets

(728

)

249

 

 

157

 

(553

)

Other non-current assets

742

 

(105

)

 

(30

)

45

 

Accounts payable

761

 

(4,328

)

 

1,943

 

135

 

Advances from customers

17

 

(194

)

 

113

 

(170

)

Taxes payable

354

 

(125

)

 

(878

)

(565

)

Operating lease liabilities

(817

)

(796

)

 

(2,187

)

(1,823

)

Deferred income

145

 

-

 

 

145

 

-

 

Accrued expenses and other liabilities

849

 

90

 

 

(2,649

)

7,336

 

Net cash used in operating activities

(23,797

)

(8,326

)

 

(39,658

)

(11,068

)

Cash flows from investing activities:

 

 

 

 

 

Purchase of short-term investments

(128,194

)

(196,966

)

 

(371,939

)

(390,447

)

Proceeds from sale and maturity of short-term investments

122,997

 

200,078

 

 

349,130

 

250,078

 

Purchase of long-term investment

(4,175

)

(26,352

)

 

(18,105

)

(26,352

)

Prepayment for long-term investments

(473

)

-

 

 

(473

)

-

 

Purchase of property and equipment

(450

)

(3,209

)

 

(1,622

)

(8,442

)

Purchase of intangible assets

-

 

(37

)

 

-

 

(202

)

Deposit for land use rights purchase

(34,159

)

-

 

 

(34,159

)

-

 

Cash paid for an acquisition

-

 

(14,309

)

 

-

 

(15,728

)

Net cash used in investing activities

(44,454

)

(40,795

)

 

(77,168

)

(191,093

)

Cash flows from financing activities:

 

 

 

 

 

Proceeds from the private placement, net of issuance costs paid

-

 

(50

)

 

-

 

249,950

 

Proceeds from exercise of employees’ share options

260

 

418

 

 

883

 

1,453

 

Payment of financing cost

(621

)

-

 

 

(621

)

-

 

Repurchase of Class A ordinary shares

(12,157

)

-

 

 

(19,760

)

-

 

Net cash (used in) provided by financing activities

(12,518

)

368

 

 

(19,498

)

251,403

 

Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash

1,387

 

(241

)

 

1,503

 

76

 

Net (decrease) increase in cash, cash equivalents and restricted cash

(79,382

)

(48,994

)

 

(134,821

)

49,318

 

Cash, cash equivalents and restricted cash at beginning of period *

230,386

 

209,610

 

 

285,825

 

111,298

 

Cash, cash equivalents and restricted cash at end of period **

151,004

 

160,616

 

 

151,004

 

160,616

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

Income taxes paid

55

 

966

 

 

55

 

966

 

Cash payments included in the measurement of operating lease liabilities

817

 

796

 

 

2,187

 

1,822

 

Right-of-use assets obtained in exchange for operating lease obligations

-

 

1,076

 

 

-

 

1,489

 

Non-cash financing and investing activities:

            

            

 

 

 

Payables for acquisition

-

 

-

 

 

-

 

39,441

 

Proceeds receivable from exercise of employees’ share options

26

 

156

 

 

26

 

156

 

Deposits utilized for employees’ share option exercises

-

 

-

 

 

7

 

-

 

Payables for property and equipment

671

 

331

 

 

671

 

331

 

Payables for deferred financing cost

-

 

-

 

 

610

 

-

 


* includes restricted cash balance

156

 

156

 

 

156

 

80

 

** includes restricted cash balance

155

 

156

 

 

155

 

156

 


Agora, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(Unaudited, in US$ thousands, except share and per ADS amounts)

 

Three Month Ended

 

Six Month Ended

 

June 30,

 

June 30,

 

2022

2021

 

2022

2021

GAAP net loss

(30,678

)

(15,394

)

 

(57,622

)

(30,085

)

Add:

 

 

 

 

 

Share-based compensation expense

9,033

 

8,524

 

 

18,414

 

14,599

 

Acquisition related expenses

357

 

577

 

 

513

 

4,699

 

Amortization expense of acquired intangible assets

556

 

556

 

 

1,112

 

748

 

Income tax related to acquired intangible assets

(84

)

(84

)

 

(168

)

(114

)

Non-GAAP net loss

(20,816

)

(5,821

)

 

(37,751

)

(10,153

)

 

 

 

 

 

 

Net loss

(30,678

)

(15,394

)

 

(57,622

)

(30,085

)

Excluding:

 

 

 

 

 

Exchange (loss) gain

(5,297

)

676

 

 

(5,031

)

(19

)

Interest income

2,142

 

2,090

 

 

3,978

 

4,126

 

Investment (loss) income

(88

)

1,347

 

 

(88

)

1,348

 

Equity in income of affiliates

532

 

-

 

 

491

 

-

 

Income taxes

(255

)

(425

)

 

(252

)

(446

)

Depreciation of property and equipment

2,424

 

2,084

 

 

4,897

 

3,983

 

Share-based compensation expense

9,033

 

8,524

 

 

18,414

 

14,599

 

Acquisition related expenses

357

 

577

 

 

513

 

4,699

 

Amortization expense of acquired intangible assets

556

 

556

 

 

1,112

 

748

 

Adjusted EBITDA

(15,342

)

(7,341

)

 

(31,784

)

(11,065

)

 

 

 

 

 

 

Net cash used in operating activities

(23,797

)

(8,326

)

 

(39,658

)

(11,068

)

Purchase of property and equipment

(450

)

(3,209

)

 

(1,622

)

(8,442

)

Free Cash Flow

(24,247

)

(11,535

)

 

(41,280

)

(19,510

)

Net cash used in investing activities

(44,454

)

(40,795

)

 

(77,168

)

(191,093

)

Net cash (used in) provided by financing activities

(12,518

)

368

 

 

(19,498

)

251,403